Goodbye party of fiscal conservatism, hello party of chaos hoping to masquerade under the conservative label. This is not, I repeat not, a new development. It’s been decades in the making as the old GOP has died out and MAGA has grown like a tumor in its place.
Raising the debt ceiling has become the new MAGA talking point and the narrowly GOP-led House is prepared to make high drama out of something that isn’t that much of a much when competent leaders are at the helm.
So expect the GOP to play chicken and milk the debt ceiling for what it’s worth. Here’s some real world data from the Lincoln Project.
Defaulting on our debt would be catastrophic for the US economy. MAGA Republicans know this & are still willing to weaponize the debt ceiling to get their extremist agenda pushed through.
The party of fiscal responsibility is no more. It’s been replaced by the party of chaos. pic.twitter.com/Ka4QoUYkUF
— The Lincoln Project (@ProjectLincoln) February 2, 2023
Since we’re all friends here, I know I can point out that during the last 4-year Republican reign, the former guy incurred 25% of the now $31 trillion national debt. That is not something they’re shouting from the rafters over in the House, you can bet on that. Heaven forfend they should actually acknowledge Donald Trump’s complicity in all this.
Exhibit 4 million of the changing GOP: The president of the *Heritage Foundation* writes in the journal founded by *Pat Buchanan* that spending cuts need to be made at the *Pentagon*. https://t.co/Tqs7XzFXKm
— Jonathan Swan (@jonathanvswan) January 31, 2023
National Review’s Rich Lowry notes the “sporadic commitment to fiscal conservatism” by the GOP.
After a hiatus during the Trump years, Republicans are back in the mood for fiscal probity.
It’s very strange not to seriously pursue a deeply held goal when you have unified control of Washington, then to insist on trying to achieve much of it in one fell swoop when you barely have control of one chamber of Congress.
“Hiatus,” is kind of a nice way to put it. Actually, the Trump years added $7.8 trillion to the national debt in just four years — which is about 25 percent of the nation’s accumulated $31 trillion debt bomb.
$31 trillion is a lot of cash. But as you heard in the video, if the Republicans actually force a default, up to $15 trillion more dollars in household wealth could be erased.
Nevertheless, expect the debt ceiling to be played for political theater purposes, to the max.